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Synovus to buy Cabela's financial unit: source

The outdoor sign seen at the Cabela's store in Denver February 16, 2017.

Synovus Financial Corp (SNV.N) will buy the financial unit of outdoor goods retailer Cabela's Inc (CAB.N), a source familiar with the matter told Reuters on Wednesday.

Synovus will keep the deposits held by the unit and resell its credit-card portfolio to Capital One Financial Corp (COF.N), the source said.

The unit, called World's Foremost Bank, was supposed to be bought by Capital One last year, but the deal wasn't able to get timely regulatory approval.

The unit, which provides branded credit...


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